Monday 17 Jun 2024
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KUALA LUMPUR (Aug 11): Retail chain 99 Speedmart founder Lee Thiam Wah has ceased to be a substantial shareholder of Alliance Bank Malaysia Bhd (ABMB).

Lee disposed of his indirect interest of 1.5 million shares, held via Global Success Network Sdn Bhd, in ABMB on Thursday (Aug 10), according to the bank’s filing with Bursa Malaysia on Friday.
This resulted in his shareholding dropping slightly below 5%.

His spouse Ng Lee Tieng has also ceased becoming a substantial shareholder of ABMB, given her interest in Global Success Network.

Based on the closing price of RM3.54 on Aug 10, Lee could have sold the block of shares for about RM5.31 million.

Lee first emerged as ABMB’s substantial shareholder in February this year after his shareholding hit 5.076%.

Vertical Theme Sdn Bhd and the Employees Provident Fund (EPF) are the two largest shareholders of ABMB, with Vertical Theme holding a 29.06% stake and EPF a 10.44% stake.

ABMB shares closed unchanged at RM3.54 on Friday, implying a market capitalisation of RM5.48 billion.

Edited ByLee Weng Khuen
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